Monday, Jan. 28, 2008 | 10:19 a.m.
A favorite source of contempt for people concerned about Nevada's high rate
of foreclosure - and that included for at least a short time the three
leading Democratic presidential candidates - is the unbelievably high
severance package of Countrywide CEO Angelo Mozilo. Reports had him retiring
with as much as $115 million. Housing advocates and politicians called that
a particularly biting insult to the hoards of families here faced with
losing their homes, in part due to his company's widespread predatory
lending practices.
So perhaps today's news provided small consolation. Mozilo agreed to give up$37.5 million in severance pay, plus the use of a private plane, plus a
$400,000 a year "consulting" fee.
Of course, he'll still get a pension and retirement package worth $24 million, and he still has a lot of shares in the company that he'll be able to cash in...so Nevada's foreclosure victims aren't feeling too bad for the guy.
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